The FHA 203(k) Rehabilitation Mortgage is an easy to use mortgage program specifically designed for those who wish to make improvements on an owner-occupied home they own or would like to buy.
Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because they don’t have the cash for home improvements), the FHA 203(k) Rehabilitation Mortgage allows you to finance the rehab costs within the first mortgage!
FHA STANDARD 203(k)
The FHA Standard 203(k) Rehabilitation Mortgage is used to purchase or refinance a home that needs structural rehabilitation or major repairs in excess of $35,000. A HUD Consultant is required for FHA Standard 203(k) transactions.
PROGRAM HIGHLIGHTS
- Structural changes are allowed
- $5K minimum & no maximum repair amount
- Landscaping & hardscaping allowed
- Max completion time: 180 days (6 months)
- Manufactured homes allowed
FHA LIMITED 203(k)
The FHA Limited 203(k) Rehabilitation Mortgage is used to purchase or refinance a home that needs minor and/or non-structural rehabilitation where the total cost of improvements do not exceed $35,000. A HUD Consultant is not required for FHA Limited 203(k) transactions.
PROGRAM HIGHLIGHTS
- Minor remodeling
- No minimum & up to 35K in repair amount
- HUD consultant not required
- Max completion time: 90 days (3 months)
- Manufactured homes allowed
Contact me today to learn more!
Ken Venick | Vice President
Direct: 443-471-4310
Call: 410-598-9410
kvenick@equitymortgagelending.com
Ken Venick
Phone: (410) 598-9410
ken@kenvenick.com